By Marisa Wong
Morgantown, W.Va., March 12 – Canadian Imperial Bank of Commerce priced $5.6 million of 0% enhanced return notes due Sept. 9, 2019 linked to the lowest performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the SPDR S&P Metals & Mining ETF, according to a 424B2 filed with the Securities and Exchange Commission.
If each ETF gains or finishes flat, the payout at maturity will be par plus 1.6 times the return of the lowest performing fund.
If the lowest performing ETF declines but finishes at or above 72.5% of its initial price, the payout will be par.
Otherwise the payout will reflect the decline in the lowest performing ETF from its initial price.
Jefferies LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Enhanced return notes
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| Underlying ETFs: | SPDR S&P Oil & Gas Exploration & Production ETF and SPDR S&P Metals and Mining ETF
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| Amount: | $5.6 million
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| Maturity: | Sept. 9, 2019
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | Based on return of lowest performing ETF: 1.6 times any gain, par for decline of up to 27.5%, full exposure to loss if decline is more than 27.5%
|
| Initial price: | $34.44 for oil ETF, $37.60 for metals ETF
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| Principal barrier price: | $24.969 for oil ETF, $27.260 for metals ETF; 72.5% of initial levels
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| Pricing date: | March 6
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| Settlement date: | March 9
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| Agent: | Jefferies LLC
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| Fees: | 2.5%
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| Cusip: | 13605WKJ9
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